Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Hi AZ, most people don't understand your post even they are clear. I know you have been stating that COOP is the tell for a long time. Frankly, I did buy some shares of COOP even I lost a bunch in WAMU so didn't want to take more risk. What you have been stating and then it was a common sense when COOP came down to 5ish during Covid, why not invest a little (I wished I hadn't sold too quickly but still kept some extra in my account). I understood COOP is the tell means shares of COOP but I guess not everyone understood that part.
Hi AZ, no disrespect, I hope all of you are right from all your point of views and hopefully they pays all of us (P,Q,A, B, C, whatever that is) that is due for a long time. This egregious violation/wrong has to be redressed.
Regards
ST - this is logical and makes sense as well. WAMU massive bankbalance has to be somewhere. LG and AZ are referring to change but major haul is hidden so far.
AZ, that part I agree with you, we have recovered some of our money. I think generally we are talking about common shareholders. So, as I said, you maybe right and we are still waiting for any return to the common. Common hasn't recovered fully, partially so far after 13 years.
RD - I agree, there is no F&R to legacy shareholders. Justice shall be delivered once in bankruptcy, it shall not be purchased in open market like AZ has been displaying. AZ maybe right and it is right for him but NOT to legacy shareholders.
This Man who claim to make some light fixtures and his recent attempt to enlighten everyone: His history of posts by month: Desperation is setting in. insert, be kind, trust, and then influence.
DecJanFebMarAprMayJunJul
13 66 30 25 17 57 97 127
Thanks AZ for the info and kind words. Hope this wraps up soon my friend. Thanks again.
Hi AZ, thanks for the info. It appears things have been moving in direction you have been pointing - funny thing is that some poster, they initially disagree recently and year ago with you, now acknowledging vaguely that this is always been the path - "read secretary filing."
Just to be clear - legacy common will get additional equity in COOP based on the hidden value or market share price?
A lots of ....
misleading and bs from some of the members all of sudden. It is just hilarious to see members being played and they are falling for it.
Some of those claimed be enlightened one and some just like to sit and watch..
For all of those - there is always dark under a lamp itself.. so
AZ mentioned the same stuff earlier..
Lodas, read the law again - judge has access to all assets and can do anything to all assets, it is judge's discretion in a bankruptcy.
Hi AZ, hope all is well, thanks for all the information you provide. You are right - nothing can change now, it is too late in the process to object without any proof, hearsay doesn't work and if it did then most of the folks would be in jail, especially, politicians. I learned to ignore people's emotions and what is said here on this board even I am a pre-seizure shareholder and lost a lot of money (at my standard it was a lot for me in WAMU).
In the end, it is what it is. Thanks a lot. Om Shanti (? ???????) praise the Almighty and obtain peace! whichever form that is..!!
Thanks AZ, 'it is what it is' as you have said many times based o the documentation referenced.
Way much better than IMHO, or IMO, my day-dreams, mental illness, and all other fantasies.
If what is going on is true (MBS etc.) - then Judge fought for you and there is nothing changing it at this time. It is logical, legal, and mandated by regulations.
AZ, you are right that the court didn't allow - schedules of assets and liabilities. We weren't able to see the entire picture during the bankruptcy, I am not sure what was the reason behind it.
This looks real..
Oh man what a plan these people executed..!! Unethical and with assistance of FDIC.. then it is cost of doing business.. Dimon
I guess no one was ready for this twist. this is conspiracy on a conspiracy ..!!
I think you are reading too much into LTI statement. LTI simply stating that nothing coming through LTI from WMI or FDIC- LTI statement is for LTI. This statement is NOT on behalf of FDIC or reorg WMI.
AZ I brought up this FDIC reporting date before: FDIC receivership was updated 12/06/19 but their accounting still use 2017 date, you must have read this statement, "As of December 31, 2017, the receivership’s total assets increased from the prior quarter ending September 30, 2017 by approximately $19 million. This amount includes an upward adjustment of $15.5 million attributable to investment interest earned by the receiver on its cash held in the National Liquidation Fund (NLF). This adjustment was made to reflect WAMU’s reallocated pro rata share of the total investment earnings of the NLF as calculated on a daily basis from the receivership’s inception."
Why don't they say as of 2019? What do you think is the reason? Are they hiding something?
LG or AZ - You have all seen FDIC website says this, "As of December 31, 2017, the receivership’s total assets increased from the prior quarter ending September 30, 2017 by approximately $19 million," however it was last update on Dec 2019.
Common sense and my curiosity, why above statement not updated reflecting Dec 2019 date? Seems like FDIC doesn't want to give accounting to this date??
RD - You have been here for a long long time and spent many months if you were to tally your time spent.
You are a good man, just find peace - money is not a source to happiness, I am pretty sure that you have your family which is invaluable. Don't let yur mind trick you..!!
I am copying a few verses from Bhaghwat Gita - it is thousands of years old wisdom (not trying to change your religion) but we all are beaten by our mind daily and at every other moment.
BG 2.62 - 2.64
While contemplating on the objects of the senses, one develops attachment to them. Attachment leads to desire, and from desire arises anger.
Anger leads to clouding of judgment, which results in bewilderment of the memory. When the memory is bewildered, the intellect gets destroyed; and when the intellect is destroyed, one is ruined.
But one who controls the mind, and is free from attachment and aversion, even while using the objects of the senses, attains the Grace of God.
Rise above my friend!! All the best..!!
Thanks AZ.
AZ - what is your take on value of the Bank? The entire bank was sold for 1.8B or there is more expected to be paid?
Ron - this is what the receivership website,so there are a few claims pending. What are those if you are able break it down?
The settlement did not resolve certain claims by the Receiver against JPMC, including the Receiver’s claims against JPMC relating to its alleged participation with other banks in manipulating certain benchmark rates and markets. It also preserves all claims of the Receiver against other persons who caused losses to WAMU prior to its failure, including claims relating to restitution orders and all regulatory and supervisory claims of FDIC-C. The Receiver anticipates that it will make a final distribution at a later date. It is unlikely that the Receiver will have sufficient funds to distribute to holders of receivership certificates issued to WAMU subordinate note holders or equity holders.
https://www.fdic.gov/bank/individual/failed/wamu-settlement.html
That was the plan from the very beginning. If any money goes to Equity then that is the proof on record that FDIC screwed up and seized a solvent bank (That would have opened a wide window for more lawsuits against FDIC). So even though there was money but collectively - JPM, Corrupt FDIC, Corrupt Judge made sure that equity doesn't get any money. Again corrupt system is in place - Judge and FDIC, after all they work for the same Govt.
Ok, I haven't been following - if she has been already denied specific to this order, then you are right.
Merit of any filed objection has to determined by the judge. You all can argue 24/7 whether it is sufficient or insufficient that doesn't matter. Judge will have to evaluate and rule about it and it will be documented per court of the law. You all are very smart people, a way more than me, but I think that is how it suppose to be.
Yes, thanks for keeping the fire going in the torch..!
LG - those mentioned assets belong to the Bank or to WMI or mix?
Cura - I don't see my name in that list. I thought if you released and got NEW WMIH shares in lieu of original shares then you should be on that list..!!
Yes, I agree with you on this one - but FDIC is corrupt, they seized the bank under pretense of non-solvent. I believe they will to make sure that no money left for common shareholder, because then it is a proof that they seized a solvent bank, and all this goes to public and it doesn't paint a good picture and there will be more lawsuits, n doubt. They are or somehow trying hard to do exactly, from day one - in the court same line is repeated that there is no money left for equity, there was a reason because as all of you know - if equity shareholders were in-charge.. then there would have been a big trouble for the FDIC, JPM, and others who committed this fraud. I am hoping that I am wrong, and there is money left for equity from bank sale..!!
Ron, yes you are right, I wrote the email to FDIC in naive terms to see what would be their response. But I believe there response is correct. They seized the bank only - so assumption is if Bank assets - liability = remaining to equity, and they are saying that might be 0. They are not discussing any other assets of Holding Company in their response. Right?
see FDIC response.
Mr. Sondh,
Your assumption is correct. The ticker for stock issued by Washington Mutual Bank (WAMU) should still be active as long as the receivership of the failed bank is still active and not terminated. Unfortunately, there’s no way to predict or know how much longer the receivership will remain active. In most cases, a receivership will last an average of 3 to 10 years before all of its assets are liquidated, the impediments are resolved, and the receivership is finally terminated. Once that happens, the tickers for your stock ownership in WAMU should cease. Bear in mind, though, that WAMU was a very large institution, and it may still take several years before the receivership is finally terminated and closed.
Of course, the likelihood of receiving any recovery on your shares of stock in WAMU is extremely low. That’s because there remains a priority for payment on claims of the receivership, and stockholders are last in line to receive any payment on their claims. Specifically, under federal law establishing depositor preference, 12 U.S.C. § 1821(d)(11), the statutory order of priority for the payment of dividends on claims against an institution in receivership is as follows:
(i) Administrative expenses of the Receiver;
(ii) Any deposit liability of the institution;
(iii) Any other general or senior liability of the institution (which is not a liability described in clause (iv) or (v));
(iv) Any obligation subordinated to depositors;
(v) Any obligation to shareholders or members arising as a result of their status as shareholders or members (including any depository institution holding company or any shareholder or creditor of such company).
This is an “absolute priority” scheme, under which dividends on claims are paid pro rata in each class, but no distribution may be made on claims in a lower priority class unless all claims in the higher priority class have been paid in full. Thus, where amounts realized from liquidation of the failed depository institution’s assets are insufficient to satisfy administrative expenses and deposit liabilities in full, there will be no distribution on claims in the general unsecured claimant class or any lower priority classes.
If you have additional questions or concerns about the receivership of WAMU, please visit our website at https://www.fdic.gov/bank/individual/failed/wamu.html. The information on that site is updated quarterly with new data, especially as it relates to the receivership’s balance sheet condition and payment of dividends toward allowed claims.
We hope this information is helpful.
Respectfully,
Non-Deposit Claims Unit
FDIC as Receiver for Washington Mutual Bank
(972) 761-8677
From: [mailto:raju_sondh@xxxx]
Sent: Tuesday, November 07, 2017 11:45 AM
To: Customer Service FDIC DAL
Subject: Washington Mutual Bank Receivership clousure
Hi, my question is when FDIC plan to close WAMU receivership? I have these tickers from old WAMU stock in my account and I am wondering what is the meaning of it if they are still their. I believe it has something to do with receivership based on my reading on FDIC receivership process.
Regards,
Raju Sondh
LG - FDIC responded that escrows are related to receivership - they never mentioned Bankruptcy in their response.. based on FDIC response bankruptcy and receivership are independent processes.
LG - why would you ask this question - I am not sure if you remember old discussion where FDIC replied to email, I posted here a while ago - that marker will be there until closure of receivership. And that process was posted as well.. notice of intent to close receivership.. and so on so forth,.
Mufa, you are right, AZ provide very good info.. there are others who just cry..
As a child I have seen when elephant walks through streets the stray dogs barks.. and I have seen that elephant pay no attention. So the saying is true..!!
LG - that is half the picture - within bankruptcy and outside bankruptcy. If all is cancelled then why escrow markers are still in place - to do what? And FDIC response was that until they close the case it will be their, so if everything has to do with close of bankruptcy then marker should disappear soon - but that is NOT the case. I guess if their is class specific, outside of bankruptcy, then those marker are the basis so it can be distributed to the original owners.
AZ this rings a bell , thanks for what you have done:
ROxxRT - Light Infantry Brigade
NH - you are not only one, same here.. seen my ~$80K in 2008 disappeared, which I had saved in last few years prior to 2008. My daughter was born in same year and I was asking myself - what have I done.. living paycheck to paycheck for a while - I slowly moved forward and tried to forget about it, I recovered after purchasing a home - other side or bright side of '2008 coin', houses were too cheap to purchase and bought a home with God send money (almost useless-inheritance appreciated $30000 to $400K in India).. move on and pay attention to your present carefully.. no one knows the future..
NewFlow - Are you mad at me for some reason??
Thanks AZ..
AZ - just a question, if recovery is through COOP then original shareholders return would be diluted - right? Because COOP is NOT all original WAMU related shareholders..!!